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NSE IPO price band expected this week, issue size cut
Media reports say the exchange is expected to list as soon as late September after its IPO issue size was reduced to about ₹25,000-27,000 crore.
The National Stock Exchange IPO price band is expected to be announced soon this week, with multiple media reports pointing to Friday, September 11, according to LiveMint Markets. The exchange is also reportedly aiming to adjust pricing and offer participation incentives for smaller investors.
Reports also indicate NSE has cut the proposed dilution range of shares by existing shareholders from 6% to 5.2%-5.5%, the article said, citing a PTI report. That change is expected to reduce the overall IPO issue size to roughly ₹25,000-27,000 crore, from an earlier estimate of ₹30,000 crore.
On pricing expectations, the article says the price band is expected to be kept between ₹1,700 and ₹1,785 per share, citing PTI. Bloomberg, meanwhile, is cited in the piece as expecting the IPO around ₹1,785, and it notes that grey market premium as of Thursday, September 10 stood at ₹211, implying an estimated listing price of ₹1,785 using the upper price band plus GMP approach.
The IPO process began last week after SEBI approved the Draft Red Herring Prospectus, and the article says the IPO reportedly filed an updated DRHP on Wednesday. It adds that the IPO is expected to open for subscriptions on Friday, September 18, and close on Tuesday, September 22, with a likely listing date of September 25, according to PTI.